The untitled film, which is still in development, will also detail Parliament-Funkadelic's influence on Hip-Hop.
All three stars could reach career milestones with wins in their respective categories.
"Eddie is a legend both in front of and behind the camera," said the head of Amazon Studios.
The saga of Prince Akeem is back! Welcome to Zamunda!!
The comedic film hits streaming Amazon Prime Video on March 5, 2021.
The film is reportedly being released a week before Christmas.
The three-hour event debuts next month.
“It'll be very funny...I don’t know if he would think it’s funny”